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Barriers Holding Back FinTech Growth in Saudi Arabia
Saudi Arabia’s financial sector is undergoing rapid modernization to align with Vision 2030 goals of increasing cashless transactions and fostering a vibrant fintech ecosystem. While the industry supports banking, investment, insurance, and payments innovation, challenges like legacy systems, fragmented digital infrastructure, cybersecurity threats, and strict compliance requirements are slowing progress toward a fully digital economy.
Market Size
$39B
Registered Firms
150+
Vision 2030 Goal
70% Cashless
Critical Issues Affecting FinTech Development in Saudi Arabia
Many financial institutions in Saudi Arabia still rely on legacy core banking software that limits integration with modern APIs and mobile platforms. This slows down digital transformation and creates bottlenecks in launching new fintech services like digital wallets and investment apps.
Data silos across banks, payment providers, and insurance firms make it hard to create seamless customer experiences. Without integrated systems, users face difficulties accessing consistent financial data, and providers struggle with inefficient backend workflows.
New entrants in Saudi Arabia’s fintech space often face delays in launching minimum viable products due to complex compliance needs and lack of scalable software development resources. This hampers innovation and limits time-to-market for promising financial solutions.
With rising cyber threats and strict Saudi cybersecurity laws, fintech companies must prioritize secure app development and data protection. However, many lack the infrastructure to safeguard sensitive financial data, leading to increased vulnerability and regulatory penalties.
Meeting SAMA guidelines, PCI-DSS standards, and global frameworks like GDPR is a significant challenge. Manual compliance processes and poor integration with government systems can delay operations and increase overhead for fintech companies operating in Saudi Arabia.
Our Solution
Robo-Advisory Platform Development
Devora builds custom robo-advisory platforms that enable financial institutions and startups in Saudi Arabia to deliver automated investment advice. Our fintech software development services include advanced algorithms for portfolio management, risk assessment tools, and multi-language dashboards. Mobile apps allow users to monitor investments on the go, while our web platforms provide secure portals for advisors and administrators. As a fintech software development company, we ensure these systems comply with local financial regulations and support scalability for growing user bases.
Wallet and Payment Gateway Integration
We design secure digital wallets and payment gateway systems tailored to Saudi Arabia’s fintech market. Devora’s fintech app development services include features like QR payments, NFC integration, and support for multi-currency transactions. Our web development team creates responsive portals for transaction management and reporting, while backend software ensures PCI-DSS compliance for safe handling of financial data. These solutions empower financial institutions and e-commerce platforms to offer smooth, fast, and secure payment experiences.
Islamic Finance-Compliant Solutions
Devora specializes in fintech solutions software development services for Islamic banking and finance. We create Shariah-compliant mobile apps that feature interest-free investment products, Zakat calculators, and ethical finance filters. Web-based dashboards give administrators full control over product offerings and user management. Our fintech software solutions are designed to align with SAMA guidelines and provide built-in tools for auditing compliance with Islamic financial principles.
Open Banking APIs and Integration Services
Our fintech software developers deliver open banking APIs and integration services to help financial institutions in Saudi Arabia connect securely with third-party providers. Devora’s fintech web development capabilities enable seamless data sharing while maintaining high standards of encryption and user consent management. Mobile applications with integrated APIs allow customers to manage multiple bank accounts, transfer funds, and access personalized financial insights, all in one place.
KYC/AML Automation Systems
Devora creates custom fintech software that streamlines Know Your Customer (KYC) and Anti-Money Laundering (AML) processes for financial organizations. Our solutions include mobile onboarding apps for customers, real-time identity verification tools, and web platforms for compliance teams. We integrate AI and machine learning models to detect suspicious activities and ensure adherence to Saudi Arabian and international regulatory frameworks such as ISO 27001 and GDPR.
FinTech Analytics and Reporting Platforms
We design advanced analytics and reporting systems that give fintech companies actionable insights into user behavior, transaction trends, and risk exposure. Devora’s fintech software development services cover web-based analytics dashboards, mobile-friendly reporting tools for executives, and backend systems with big data processing capabilities. These solutions enable financial firms in Saudi Arabia to make data-driven decisions while maintaining compliance with SAMA and PCI-DSS standards.
Our Portfolio
Dawah Invitation App
Dawah is a mobile app for Android and iOS that helps users design, send, and manage digital event invitations. It offers RSVP tracking and instant sharing through WhatsApp and SMS for simple, effective event planning.
QMC Saudi Arabia
QMC Saudi Arabia is a leading medical center that partnered with Devora for digital marketing support. Our services included SEO, content planning, and Google My Business optimization, helping the center gain higher visibility and attract more patient consultations online.
MyFatoorah
MyFatoorah is a digital payment platform built to simplify transactions for web and mobile users. With Devora’s expertise, it now supports high traffic, provides real-time updates, and helps businesses grow their online presence through advanced marketing features.
Dare Real Estate
Dare Real Estate is a web platform that simplifies property buying, selling, and renting. It offers verified listings, detailed property information, and direct communication with agents, making real estate transactions more reliable and organized.
QMC Dubai
QMC Dubai partnered with Devora to boost its digital presence. Through targeted SEO, local listing optimization, and custom content, the center experienced higher appointment requests and improved engagement from nearby communities.
Why Choose Devora for FinTech Software Development in Saudi Arabia?
At Devora, we blend financial domain expertise with cutting-edge technology to create secure, scalable, and innovative fintech solutions for businesses in Saudi Arabia. As a leading fintech software development company, we deliver tailored web applications, mobile platforms, and enterprise software that meet the unique demands of financial service providers, startups, and banks. Our approach combines global best practices with local compliance to help you launch products that perform reliably and stay ahead in a competitive market.
Simplify complex financial workflows through custom digital platforms.
Apply modern tech stacks to ensure smooth API and system integrations.
Design user-centric mobile apps and web portals for superior customer experiences.
Build enterprise-grade software with robust security frameworks.
Conduct comprehensive testing to guarantee performance and data protection.
Offer support for Open Banking APIs, KYC/AML systems, and payment gateway integrations.
Deliver projects on schedule while adhering to SAMA, PCI-DSS, and Saudi cybersecurity standards.
Our Tech Stack for FinTech Industry in Saudi Arabia
Devora leverages modern technologies to deliver secure, scalable FinTech solutions in Saudi Arabia. Using AI for fraud detection, blockchain for transaction security, and cloud platforms for digital banking, our tech stack powers mobile apps, payment systems, and trading platforms built to meet SAMA regulations and the demands of a fast-growing financial sector.
Industries & Segments We Serve
Islamic Banking and Financial Institutions
Devora provides fintech software development services for Islamic banks and financial institutions across Saudi Arabia. Our team creates Shariah-compliant mobile banking apps, web-based account management systems, and enterprise-grade software for secure transactions. These solutions help institutions offer ethical financial products, automate compliance workflows, and deliver seamless customer experiences aligned with Saudi financial regulations.
Digital Payment Platforms and Wallet Providers
As a trusted fintech software development company, Devora works with digital wallet providers and payment gateway firms to build secure, scalable systems. Our solutions include mobile apps for NFC and QR payments, web dashboards for transaction monitoring, and backend software with PCI-DSS compliance. These tools empower fintech startups and enterprises to process payments efficiently and expand their digital payment ecosystems.
Investment and Wealth Management Platforms
We design custom web and mobile platforms for wealth management firms and robo-advisory startups. Devora’s fintech app development services cover portfolio tracking, automated investment advice, and secure API integrations with financial data providers. Our solutions enable Saudi businesses to engage clients with intuitive tools while ensuring data privacy and adherence to local regulatory standards.
Insurance Technology (InsurTech) Solutions
Devora builds IT systems for InsurTech companies, including mobile apps for policy management, claims processing software, and web platforms for agent and customer interactions. Our fintech software solutions help insurance providers in Saudi Arabia streamline operations, improve customer engagement, and integrate seamlessly with healthcare and financial ecosystems.
Aligning FinTech IT Solutions with Vision 2030
Devora delivers fintech software solutions that support Saudi Arabia’s goal of building a secure, inclusive, and innovative financial sector under Vision 2030. Our expertise in developing digital wallets, Shariah-compliant finance platforms, and Open Banking APIs helps financial organizations modernize their operations and improve customer accessibility. By creating mobile apps, web platforms, and enterprise software tailored to Saudi regulations, we enable banks, startups, and payment providers to drive financial inclusion, strengthen compliance, and contribute to the Kingdom’s digital economy transformation.
FAQs
Devora is a fintech software development company in Saudi Arabia that delivers mobile apps, web platforms, and enterprise‑grade software for both insurtech and digital investment businesses. Our teams create secure, compliant, and scalable products that help financial firms launch new services quickly, improve customer engagement, and meet SAMA guidelines.
Policy Management & Claims Automation
For insurtech providers, Devora builds custom software that handles the entire policy lifecycle, quotation, underwriting, renewal, and claims. Web dashboards give insurance managers real‑time insight into claim statuses and loss ratios, while mobile apps let customers file claims, upload photos, and track payouts. API layers integrate with core insurance systems, third‑party adjusters, and Saudi medical networks to reduce paperwork and speed settlement times. The platform’s rule engine supports flexible premium calculations and coverage tiers, helping insurers release new products without costly system overhauls.
Digital Investment & Robo‑Advisory Platforms
Investment firms receive tailored fintech app development services that include automated portfolio rebalancing, risk profiling, and data‑driven recommendation engines. Our web portals for wealth managers offer drag‑and‑drop asset allocation tools and advanced reporting. Back‑office software connects to brokerage APIs, custodians, and market data feeds, ensuring fast order execution and accurate NAV calculations. Compliance modules support Shariah screens for halal portfolios and generate audit logs required by Saudi regulators.
KYC, AML, and Risk Scoring Modules
Devora’s fintech solutions include software components that automate Know Your Customer (KYC) and Anti‑Money Laundering (AML) checks. Mobile onboarding apps guide users through document capture and biometric verification, while web services connect to local credit bureaus, Gulf Cooperation Council sanctions lists, and global PEP databases. Real‑time risk scoring flags suspicious activity, helping insurtech and investment platforms maintain regulatory compliance without manual reviews.
Payment Gateway & Wallet Integration
Our developers integrate payment wallets, card processors, and Mada services into investment and insurance applications. Web APIs support instant fund transfers, top‑ups, and withdrawals, while mobile apps give users tap‑to‑pay functionality and QR payments. The software adheres to PCI‑DSS standards, uses tokenization for card data, and encrypts all transaction flows, ensuring client funds remain secure.
Analytics & Customer Engagement Tools
Devora provides web‑based dashboards and mobile push‑notification engines that track policy renewals, investment performance, and churn risk. Built‑in analytics reveal cross‑sell opportunities and highlight inactive users. Marketing teams can launch targeted campaigns directly from the platform, boosting retention and lifetime value for insurtech and investment businesses operating in the Saudi fintech market.
Yes. Devora is a fintech software development company in Saudi Arabia that creates mobile apps, web platforms, and enterprise software designed to meet Islamic banking requirements. Our team engineers secure digital wallets, payment gateways, and settlement engines that follow Shariah principles while satisfying SAMA regulations and PCI‑DSS standards.
Shariah Governance & Advisory Integration
We collaborate with Shariah scholars to embed governance workflows directly into the platform. Web dashboards let compliance officers review product structures, approve new features, and generate audit trails. The software supports mudarabah, murabaha, and wakalah models, ensuring that every transaction aligns with Islamic finance rules without introducing interest‑based components.
Interest‑Free Wallets & Profit‑Sharing Accounts
Devora’s mobile apps enable users to store funds in interest‑free e‑wallets that offer profit‑sharing returns instead of conventional yields. Backend software calculates daily profit accruals using configurable mudarabah ratios, then distributes earnings automatically. Users can review statements through responsive web portals, enhancing transparency for halal investment and day‑to‑day spending.
Shariah Screening & Transaction Filters
Our payment systems include rule engines that screen merchants, products, and investment assets against Shariah‑compliant criteria. Software modules flag prohibited businesses and filter out non‑halal transactions in real time. API endpoints expose filter results to partner apps, allowing third‑party developers to maintain compliance across the Saudi fintech ecosystem.
Core Banking & SAMA Integration
Devora’s fintech developers connect Shariah‑compliant payment platforms to core banking systems via ISO 20022 and Open Banking APIs. Real‑time settlement with Mada and Saudi Payments is handled through encrypted web services, while automated reporting meets SAMA’s daily file submission requirements. This reduces manual reconciliation and supports rapid scaling.
User Experience & Multilingual Support
We design Arabic‑first web interfaces and mobile apps that make it easy for customers to transfer funds, pay bills, and track zakat contributions. Optional English layers broaden usability for expatriate users. Accessibility features, token‑based authentication, and biometric login protect sensitive data while giving Islamic banking startups a competitive edge in the Kingdom’s fintech market.
Devora, a fintech software development company in Saudi Arabia, engineers mobile apps, web portals, and back‑office software that integrate directly with SAMA Open Banking APIs and Mada payment rails. Our specialists design secure connection layers, consent workflows, and data‑exchange protocols that let banks, wallets, and investment apps exchange information and process transactions in real time.
SAMA Open Banking API Connectivity
Our web‑based integration layer supports the latest SAMA Open Banking specifications, including account information and payment initiation endpoints. Devora’s middleware normalizes data from core banking systems, applies encryption, then exposes RESTful APIs for partner apps. Version‑controlled SDKs in Java, .NET, and Node.js accelerate third‑party development while maintaining audit logs for every call, giving financial institutions a reliable way to extend services without rewriting legacy software.
Mada Payment Gateway Integration
Devora’s mobile app development team implements Mada tokenization, host‑to‑host settlement, and 3‑D Secure flows. Transaction requests travel through an isolated service mesh that performs format checks, risk scoring, and routing to the Mada switch. Web dashboards provide treasury teams with real‑time settlement views, reconciliation reports, and dispute management tools, reducing manual workload and improving financial accuracy for merchants and banks alike.
Secure API Gateway and Middleware
We deploy an API gateway that handles request throttling, JWT authentication, and mutual TLS. The gateway forwards calls to microservices running in Saudi‑hosted data centers or approved cloud regions. Devora’s fintech platform architecture separates customer‑facing APIs from internal services, limiting attack surfaces and simplifying compliance with Saudi cybersecurity standards and PCI‑DSS requirements.
Consent Management and Data Privacy
To meet Open Banking rules on customer data sharing, Devora embeds a consent engine that records user permissions, expiry dates, and data scopes. Mobile apps use OAuth 2.0 flows to request access; web portals let customers review and revoke permissions. Every consent artifact is stored in a tamper‑evident ledger, making regulatory audits straightforward.
Real‑Time Monitoring and Regulatory Reporting
Our software streams transaction metadata to a monitoring service that flags anomalies, latency spikes, and failed API calls. Compliance dashboards display key performance indicators required by SAMA, while automated reporting modules transmit settlement summaries to the Saudi Payments gateway. This constant oversight helps financial firms maintain service quality, detect fraud quickly, and satisfy regulatory filing obligations without extensive manual effort.
Devora is a fintech software development company that embeds multiple regulatory and security standards into every mobile app, web platform, and enterprise software project. Our compliance team aligns each solution with Saudi Central Bank (SAMA) rules while drawing on global benchmarks for payment security, data protection, and business continuity.
SAMA Cybersecurity Framework and Local Regulations
We map all application controls to SAMA’s Cybersecurity Framework, including asset management, identity management, and incident response. Mobile apps use device attestation and certificate pinning, while web services adopt role‑based access controls and multi‑factor authentication. Detailed audit logs and immutable backups help clients satisfy SAMA’s quarterly reporting and annual audit requirements across Saudi Arabia.
PCI‑DSS for Payment Security
Payment gateways, digital wallets, and card‑processing software follow PCI‑DSS v4.0. Card data is tokenized and stored in a segmented network zone protected by firewalls and strict ACLs. Web APIs mask PANs in transit, and mobile SDKs encrypt data at rest. Annual penetration tests, vulnerability scans, and 24‑hour log monitoring reduce the risk of cardholder‑data exposure for banks and merchants.
ISO 27001 & ISO 22301 Certification Support
Devora’s development lifecycle aligns with ISO 27001 for information‑security management and ISO 22301 for business‑continuity planning. Source code is stored in signed repositories with branch‑protection rules, while build pipelines run automated SAST and DAST checks. Clients receive policy templates and evidence packs to speed up external certification audits.
GDPR, PDPL, and Data Privacy Controls
Although Saudi Arabia has its own Personal Data Protection Law (PDPL), many investment and insurtech firms also target EU customers. Devora’s software includes consent workflows, data‑subject‑access modules, and field‑level encryption that meet GDPR articles on lawful processing, data minimization, and erasure. Privacy impact assessments are built into every sprint review.
Continuous Auditing and Penetration Testing
Our security engineers schedule quarterly red‑team assessments and monthly automated scans for mobile, web, and server components. Findings feed into a ticketing system with SLA‑driven remediation. Clients receive real‑time dashboards, executive summaries, and evidence files, ensuring that compliance status is always transparent to regulators and stakeholders.
Pricing depends on product scope, regulatory requirements, and the technology stack you select. Devora, a fintech software development company, offers tailored estimates for mobile apps, web platforms, and back‑office software so startups can budget accurately. Below is a guide to common cost bands for bringing a minimum viable product to market in the Kingdom.
Basic Payment or Wallet MVP
A mobile payments or e‑wallet app with core functions—user onboarding, Mada card tokenization, and QR/NFC checkout, usually costs $60 000–$90 000 (SAR 225 000–SAR 337 500). This estimate covers an iOS or Android app, a lightweight web administration console for transaction monitoring, and a PCI‑DSS‑ready backend that can handle several thousand daily users.
Advanced Robo‑Advisor or Investment MVP
A web app plus companion mobile interface featuring risk profiling, automated portfolio rebalancing, and integration with brokerage APIs ranges from $110 000–$180 000 (SAR 412 500–SAR 675 000). The higher budget reflects secure API orchestration, Shariah filters, and data‑visualization dashboards built on Open Banking standards.
Compliance, Hosting, and Security Overheads
Projects requiring SAMA approval, ISO 27001 controls, or on‑premises hosting in a Saudi data center add roughly 15 %–25 % to the baseline. Custom KYC/AML modules, penetration testing, and continuous compliance audits increase upfront spend but accelerate licensing and sandbox exits.
Variables Affecting Final Cost
Scope creep, multi‑currency support, and complex third‑party integrations can push budgets higher. Conversely, re‑using Devora’s white‑label fintech software components or limiting Phase‑1 features can shorten timelines and reduce expenses by up to 30 %.
Ongoing Maintenance and Enhancements
After launch, plan for yearly maintenance at 15 %–20 % of initial development cost. This covers app‑store updates, security patching for web services, new API versions, and feature rollouts, ensuring the MVP evolves into a fully compliant, scalable fintech platform.
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Reach Us
Mada Tower, Prince Turki Street, Al Khobar, Kingdom of Saudi Arabia